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taxes, the economy has grown whether on the left with president kennedy or left with reagan. the left said clinton raised taxes and what is often ignored, clinton cut the capitol gains tax and he cut spending as aercentage of gdp. the obama administration want to go the opposite way, if they do they will make fdr a libitarian. >> jamull is it good or bad for the economy? >> i don't think the president said that they should take a hike if the tax hikings don't happen. our biggest problem are the spending cuts . bigger than that are the job losses, and so i am going to talk about tax cuts, a huge one to see happen the vernment should give tax cut to companies so they can hire new workerings, spending cuts and focusing on the dicit, that is moving us in the wronging direction. if we want to talk about tax cuts, give the corporations that are sitting on records and the dow closed at record highs, give them a tax cut to hire new workers. >> toby, tax hikings are the issue here. this is what dems are calling for. is this the time with the recovery, so, so iffy to do that? >> no remember the
and the growth of the economy, we're still some distance from the high. it is not all that surprising the stock market would rise given that has been increased optimism about the economy and the share of income going to profits has been very high. relationship between stock prices and earnings is not particularly unusual at this point. >> the associated press. mr. chairman, statement mentions fiscal policy has become more restrictive. how much of a drag do you see from the social security tax increase and the across-the-board spending cuts that went into effect on march 1 and is it possible the fed might see a need to provide more support to the economy because of that drag on the fiscal? >> our analysis is fairly comparable to analysis congressional budget office presented to the congress and thestimate put together the fisl measures including the fiscal cliff deal, they sequester and other cuts that federal fiscal restraint in 2013 is cutting something like 1.5 percentage points off of growth to which is very significant. so that is an issue for us. we take as given with the fiscal authoritie
laugh. we'll get his prediction where natural gas prices are headed next. >>> not even a down economy can crush rock and roll. legendar kiss rockers gene simmons and paul stanley kick off a big expan shun of their restaurants. they're here in first on fox interview to tell us why now is the time to bet on the consumer. even when they say it's not it is always about money melissa: first let's turn to today's market moment. fears over cyprus's bailout led to a choppy day of trading on wall street. the dow managed to eke out a slight gain wi the nasdaq and s&p 500 posting minor laws. the s&p fell for thehird straight seson. that is the worst losing streak of the year. microsoft could be in some hot water with the justice department. microsoft and some of its business partners are being investigated over a foreign bribery claims. government officials in china, italy and romania were allegedly bribed to earn software contracts but shares of microsoft still managed to close the day up slightly. >>> all right we start tonight in cyprus. th parliament rejected the tax on bank deposits, potent
to jump-start the economy, not just the stock market. let's go to nicole petallides at new york stock exchange. david: let's start, nicole. we start with fedex it was an extraordinary run-up. it was in the $100 range. it pulls back quite a bit. this is the biggest pullback since 2011? >> certainly is, the biggest pull back since 2011. concerns globally and also going to cut down what they're shipping over it asia. lauren: how is oracle looking ahead of their earnings release, nicole? >> we're watching oracle closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sect
money into the economy? they let us know the exit plan for all of this. melissa: taxpayer outrage, bankrupt city in california paying out a million dollars in pay raises. they are bankrupt. lori: and paying races? crazy town. fedex says more customers are taking a less expensive option and it is hitting the bottom line. melissa: the cyber threat hit by online hackers putting financial firms here on high alert. but first, time for stocks now. nicole petallides is standing by. stocks posted solid gains ahead of the fed decision. nicole: that is right. everybody focused on the fed about an hour away from now. very accommodated if fed, and we're watching a market hitting new all-time highs in the dow jones industrial. of almost 56 points at the moment showing you some names that hit some highs today including nativ united technolo. hitting the highest levels we've ever seen for those names and we cannot leave out verizon. the highest levels we'v we haven in over 11 years. so while the shareholders have been enjoying great dividends, they can now also note multi-year highs as well. as
on the pulse of the economy and consumers. landry's is one of the country's largest estaurant and gammably companies. he is here to tell us where he sees the biggest headwinds and opportunities right now. >>> call it the anti-student loan. investors will pay school costs for a piece of student's future income. isn't that interesting? can this help solve the student debt crisis? the ceo behind it will explain this break through because even when they say it is a not it is always about money melissa: first today's market moment. the bulls are back in the driver's seat. the fed says its policy to stimulate the economy will continue and investors breathed a sigh of relief. dow came close to setting a new record high. the nasdaq marched back toward a 12-year high. the s&p 500 finished less than seven points away from its all-time high. here is who made the big money, proctor & gamble, chevron, travelers and johnson & johnson and united technologies all closed at all-time highs. congratulationses if you own those stocks. >>> all right. our top story tonight how the government in cyprus is make b
in a way@ that does not expose the economy to rest in does not require a taxpayer bailout. i think that the tools are in place to do that. again, it is a matter of using those tools. there are couple of things that the regulators need to do. they need to have these banks to restructure themselves to make them simpler so that they are easier to break up. as a work in progress. they also need to force them to issue more long-term unsecured debt that would be available for lots -- loss absorption of four of them fails. the starter capitol requirements but we also need minimums for long-term debt as well. and that would make them more resolvable and also, level the playing field between the cost and the smaller institutions. melissa: people walk around now and say to big to fail is alive and well. nothing has really changed. to you agree? >> i think we are making progress. the rating agencies have downgraded some what the mega banks. they still get cheap funding when the go to the market. much cheaper than the smaller banks. we have made progress. my former agency has come forth with s
revenue. you will get less tax renue when the economy is smaller. this is something that the market understands. they want to see the economy grow. less in the future is better for the economy and markets. neil: that would mean no that if we are continuing on this trend, everything that the markets are celebrating right now, slobby sequestration, whenever you want to call it could be short-lived and there could be problems. what do you see happening? >> well, i think rand paul messages effective not only for the markets, but for the economy and the country at large because he is making a connection between economic liberty and prosperity. he understands that does look to the 20th-ctury. always the most prosperous countries are always the most free. and the message of essentially constitutionality, individual rights, that is tremendously bullish for the market. bullish for the economy. hitting t nail on the head. the fact that everything investors are seeing that we had a sequestered. this guy did not fall. there is still more work to be done in terms of cutting the size of governmen
on the economy, the market, and the fed next. ♪ ♪ lou: ben bernanke's federal reserve keeping money cheap, plentiful. chief economist for ubs will tell us whether this is sufficient magic for the market through the remainder of the year. let's take a look at what happened on wall street. today's talks are moving higher. investors expecting just the news that they received, the fed's standing fast, holding steady, helping -- keeping 85 billion a month into the markets in perpetuity. the dow up 56 points, but within 20 points of its all-time high setting a new intra-day record. the s&p up ten points coming within seven of its record high, the nasdaq up 25 them. the nasdaq still some 1800 points away from its all-time high close. over 3 billion shares traded on the big board. gold down $3.80 today, we'll update, interest rates moving slightly higher on the bond market's the treasury ten year holding up till 194. fed chairman ben bernanke warning monetary policy, as he put it, cannot offset fiscal restraint resulting from the fiscal cliff and sequestered. my next guest says economic damage fr
boost to jobs and the economy. doug joins us to break it all down. >>> plus the government dumps key crop reports this year all thanks to the sequester. that means pricing chaos for milk and other products. a top commodities trader tells us how bad it could get for you. >>> the dirty secret for electric cars. they are supposed to save us money and save the earth but they're more expensive than you think. one of "time" magazine's most influential people in the world is here to explain exclusively why. even when they say it's not, it is always about money melissa: so we've got to start with today's market moment. we keep breaking record. get this, it is getting ridiculous. u.s. jobless claims fell unexpectedly give investors a fresh dose of optimism about the economy. the dow closed at a record high for the 8th straight day. it has posted gains for ten straight sessions. the dow is on the its longest winning streak since 1996. the nasdaq also hit a new 12-year high. the s&p 500 is now less than two points away from hitting it all-time highs. >>> our top story tonight, the rapidly balan
, think of the deficit as a stimulus to the economy. neil: a stimulus to the economy. he has always been that way. it pays to focus on what bill gates and doing now, he is on a spending mission, he leaves little doubt about what he thinks of republican mission and their drive to cool it on the spending without thinking about results, his biggest fear, congress cutting foreign aid. the man said that foreign raid does a lot of good for the planet. to gauge the more good than bad without a doubt, that is why the guy, he was in washington today pushing hard. urging freshmen lawmakers not to give up the fight or spending on those 2 need the help -- who need the help the most, tonight. decide whether a man can or should stop congress from closing some spending doors, perhaps of all of the interviews i've done with bill gates over the years from earliest days at microsoft or before he became the power house to keeping his juggernaut going once it was a power house to going full time in charity business, this day is for me the most meaningful and consequential, not because of anything i asked of
a negative impact on the national economy and perhaps even the world economy and d think that is the facts are these institutions have become too large. gerri: the administration disagrees with you. but i have to ask you, senator, are the banks simply too big, the major ones, five or six that do business with so many americans in this country. >> doesn't that bring up a whole other issue of if they're too big you can't govern them, you can't punish them, you can't discipline them, maybe that is an issue we have to deal with but that is not the immediate concern. the immediate concern is number one they said they relied on experts. senator brown and i want to know who these expes are. they want to know the judgment bas for which you can't ggt them for criminal activity, but the other things, is it a crime you can be a ceo of a company as opposed to a customer in the bank and violate the law and can't be punished for it. you get to big to jail in that instance. gerri: what the attorney general is saying is moving to a jail would jeopardize the financial syssem and i think everybody has in th
. connell: highest level close to five years. the economy may be improving. the problem for president obama is his approval rating is not. 47% of americans approving. doug shaw is here to answer that. a record-breaking run last week. you have home production neared the unemployment rate falling. >> first of all, we have dysfunction in washington. we do not have a budget deal. economic growth was tested in the fourth quarter. there is no sign that it is reviving. there really is no revival on main street. connell: is there something politically bad be done? is there something they are not doing right? shouldn't they be better able to take advantage of the perfect stock market and little bit better economic numbers? i think the president is trying to do that now, connell. reaching out to the public senators and paul ryan. we made a deal on the but with newt gingrich. the same thing needs to be done now. dagen: something really struck me. i do not mean to harp on it. the average american wakes up in the morning, you tell me how he feels or she feels that deficit with the daily impact. you kind
economy of our church is another big step in the right direction. >> reporter: the president along with first lady said is one wishes to the new pope in a statement that reads in part by look forward to working with his holiness to advance peace, security, and dignity for our fellow human beings fifth regardless of faith. we have also learned that vice-president biden will trav to rome for the pope's installation. lou: thank you very much. fox news correspondent. turning back to washington. the president asked by an unnamed republican whether white smoke would be emanating from the capitol building after today's meeting with republicans . the president responding, i think that straining the analogy a lot of folks would agree with them. not a surprising sentiment considering the president gave a national interview before the meetg trying to downplay the possibility of striking any kind of bipartisan deal on budgets cut taxes, and deficit reduction. >> it may be that the differences are just too white if their position is we cannot do any revenue or we can only do revenue if we get m
than three hours from the federal reserve notes and whether or not it continues stimulating the economy at the current levels, keeps propping things up. why don't you just pick up from where we left off because talking about washington related to the bigger picture scenario not assist early today but the role the federal reserve plays in all of this as long as interest rates stay as low as they are, what do you think? >> the fed plays a big role keeping interest rates low. i heard on the fiscal side, you're right, maybe outside of the beltway the washington fatigue, but returned to the fed, everyday to indicate the fed keeps the pedal to the metal, 85 billion per month, there'll be some talk about scaling it back later this year. the thing to watch is the fed forecast. all the members put in the economic forecast for the next three years. my guess is it'll be a little bit more promising for social and employment rate above 6.5% until 2015 and that is the threshold, they will not move interest rates up before your employment rate gets to that level, that is still at least two years from
the people who otherwise woif brought a business into new york. to make the economy grow, you need inbound migration, not outbound migration. neil: it's a dollar's choice for you; right? i mean, you could go to north dakota, but north dakota's pretty far from here, so you go to florida? obviously, a lot of people do. there's no income tax, no estate tax, but a lot of peep don't like the heat. i'm just saying, you know, maybe people are looking at this wilbur saying there's a lot of high tax states. california is one of them. new york is one of them. tristate, new york city, new jersey, connecticut area, all high tax states. where do we go? that's what politicians count on. >> my guess is he'll be in the sense to bring in more tax than he will lose. i don't think you're going to have vast outbound migration, but i think the question is, did you break safe with the business community when you promise them the temporary tax, people sported it. i don't know very few people in the business community opposed it the first time because we thought, well, he's doing a good job. he's trying to fix it
, ceo and president joins me from new york in a fox bids exclusive. you are bullish on the economy. i want to be there, and there's a mixed bag here, unemployment, 7% to 8% range, forecasted for the year. housing, a little bit of a concern here from economists that the housing market is ahead of itself, but, still, bullish on the u.s. economy, so explain that. >> yes, thanks, cheryl. we are bullish on the u.s. economy, housing continues to come back. you saw the numbers today, but, you know, it's still 15, 20, 25%, spending where you are, in the u.s. 30% where it was at its peak. you know, household formation in the last few years has been delayed because of americans deciding to live with their parents, essentially, but population growth continues. bullish on the housing market driving quite of other consumer demand. cheryl: are you changing your asset allocation mix now? is that something you're in the midst of doing, especially on a day like today and yesterday when there seems to be a lot of money moving around, not a lot of new money, but money moving nonetheless. >> we're not ch
, getting our aaa rating back, dollar policy. where our economy is going as we face tax increases. of course the sequester questions. peter will cover it all. you don't want to miss it. that is in about nine minutes from now right here. also driving money towards transportation. that's what legendary investor wilbur ross is doing. find out what he is buying and selling. wilbur ross doesn't like to give picks but he has a couple of them. also if he think this is rally has strong legs. with $5 billion under management he is someone you can not afford to miss. >>> before all that we're going to tell you what drove markets with today's data download. the dow is making history once again, posting its 8th straight record close. the longest streak of record closings since november of 1996. the s&p and nasdaq also ending in in the green with the s&p now less than three points away from its all-time high. >>> energy and technology were the best performing sectors. the number about americans filing for new jobless benefits fell for the third week in a row. initial claims unexpectedly dropped by 10,000
and the mainstream media? well, the tide has finally turned on the economy. case in point. the l.a. sometimes says the u.s. economy improving better than expected, on track for stronger growth than predicted. upward revisions for gdp by major banks, but on varney, we like to sort of bring you back to reality. is this all really cracked up to what it's supposed to be cracked up to be? we know unemployment is high. there's budget gridlock in washington and higher taxes on the horizon and exploding government debt. we'll have the angles, good and bad because on "varney & company" we keep it real and we're about to begin. ♪ [ indistinct shouting ] [ male announcer ] time and sales data. split-cond stats. [ indistinct shouting ] ♪ it's so close to the options floor... [ indistinct shouting, bell dinging ] ...you'll bust your brain box. ♪ all onhinkorswim from td ameritrade. ♪ from td ameritrade. all stations come over to mithis is for real this time. step seven point two one two. rify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative softwa
-- pillars for any move higher and expansion in the economy domestically. housing, financials without a doubt. energy as the third. liz: okay. >> large cap technology for the dividend but those three i think you've got to have exposure sure to with dry powder right now. liz: let me tell the viewers. things working past five months, at least follow that trend for now, correct. >> yes. david: wow! that is amazing we could see doubling of money they made in housing an financials. george, we were talking a little bit about the consumer sector, retail sector specifically. you think it is good time to buy into mickey d's or mcdonald's now? or again, like we talked about apple, should we wait until it comes down? >> you want to buy mcdonald's. you want to buy coca-cola. you want to buy large cap blue chip names. right now mcdonald's is trading under $100 a share and coca-cola is trading at about 38. david: mcdonald's at 100, george, mcdonald's at 100. it seems a little pricey right now at 100. should i wait for it to come down into the 80s for example? >> you could. you could do the same strategy as
trillion necessary u.s. economy and fight global warming because it gets one degrees warmer in the next hundred yearings. the clock never stops moving and it is an immediate crisis and high suld be honest about that. >> dagen, he saying in and of itself, the balanced budget is not the goal. it is getting to that, but not at the expense of bla, blarks. >> and in saying that and spending not being a problem and hearing henry reid saying don't touch entitlementings and nancy pelo saying don't raise the retirement age and sh allings id we don't have a spending problem . i put it together. >> right. my fave rilt little, to the president was hundred billion in new infrastructure spending that is in the budget . they are freely raising new revenue through taxes in this budget. it is like one and half trillion dollars in tax revenue . that is on top. 600 billion in higher taxes this yearnd on top of the more than one trillion in obama care taxings. >> this is it a blueprint. >> it doesn't balance anything. >> it is a blueprint for what the president and democrats want higher taxs and more taxes
to the forefront and that's more important. the u.s. economy, china and although there is a big idea they're stealing customer's money and savings accounts is abomination, i believe it's a different european country. entered the european union in 2008, i don't think it will be as big of a deal as people think, i think it will be on the headlines for two weeks. stuart: all right, let's see what's happening on the opening bell, upside. and i'm looking for a gain of 20, 30 points for the time they're open, 10 points higher, 14,462. nicole, let's bring you in. one of your favorite stocks, we're watching it closely. yoga pants, they say they're too sheer. in other words, you can see through them. i think that the stock is way down. nicole: it is way down. it's going to hurt their bottom line. and they're talking about bringing in the pants that are sheer. that basically is like a fall for the company, you can't have pants that are sheer. i have to admit my lululemon, i noticed recently is sheer and it's no joke and you're able to bring them back in, but it's going to hurt their revenue and bot
that republicans say over ten years we have another trillion dollars. i don't know how will a robust economy can be created out of this. i mean, if these tax increases which i agree, 1 trillion democrats are proposing and what happened. if it were that will be crushing to the economy. >> with all these tax increases in the pipeline to howland the world to we realize that dream a half percent average annual real gdp growth, the cbo is predicting for the five years. we have to get this growth if we are going to be on track to move toward a balanced budget. lou: the ryan budget does that in the course of n years, but it makes a huge assumption, as just under 2 trillion that would be derived from the elimination of obamacare. that does nothing, -- does not as i said at the outset seem likely. >> not feasible today, but once obamacare goes into effect it could be that those the observable as well a the possible rationing of health care could create such an outcry that this program would be watered down substantially. lou: do you agree? >> exactly. i think he is right. i don't think it wille overturne
to the economy, and now we see china trying to grab a piece of the action. what do you think of that? >> well, it shouldn't surprise me. they have invested in the oil sands and in alberta, there's a pipeline in canada. it seems like a natural move for them, but i have to tell you i'm uncomfortable with chinese company, which is probably state owned or at least has state money involved in it, setting up a fuel stations in the united states, at least, i hope they use american equipment and american people to build them. >> it's an open question. i'm sure they will, but, you know, to what degree, because i know a lot of countries had issues with the chinese coming in and making a move on natural resources in their country. do what degree do we oppose that or get in the way of that? what makes sense? what policy should the government pursue, frankly? >> well, if they want to buy them, that's fine, but i permly have a problem with them coming in and buying our land, and they are doing it right now with oil reserves in texas and oklahoma, so i got a problem with it. i just don't know as a free trad
to ground in congress on handling the economy. we're in the middle of another budget mess and this time the president is not winning the battle handsdown. today we get the democrats trillion dollar tax hike plan and wait for it, stocks will be up again. okay retail sales, yes, stocks up again. here we go. "varney & company" is about to begin. how do traders using technical analysis streamline their process? at fidelity, we do it by merging two tools into one. combining your customized charts with leading-edge analysis tools from recognia so you can quickly spot key trends and possible entry and exit points. weike this idea so much that we've applied for a patent. i'm colin beck of fidelity investments. our integrated technical analysis is one more innovative reason serious investors are choosing fidelity. now get 200 free trades whenou open an account. neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from th
at this 14,500, in that range, the economy is in better shape arguably and back then. why can't we be happy about this? >> well, we should be. our report showed this. the levels we are looking at right now, economic indicators, valuations, monetary sentiment, etc., really the only thing that looks out of mind is how far the index it is from the 50 and 200 day moving averages. dennis: where, generally, speaking in stocks, would you put money now and is it basically a bet that we keep moving higher or a bat to protect yourself from moving lower? >> leaning towards we just celebrated our fourth birthday and five of the six bull markets since world war ii that did so went on to celebrate their fifth birthday. number four was on march 9, number five will be a year from now. it is the cyclical factors that tend to lead the way. dennis: that what all kind of messed together. thank you so much for being with us. sam stovall. >> my pleasure. melissa: just a month after carnival cruise ship was stranded at the. another one is stranded. carnivals dream was wrapping up its trip when the emergency diese
of the economy is about 18 billion euros, so the banking industry is four times the size of the economy. if you allow the banks to fail, much like letting citibank or jpmorgan here in the united states, that would have significant repercussion the in the economy. connell: where do you stand on the idea of the con cement spreading? could it happen in other countries was the question asked, it seemed like, in the markets this morning if it goes through on cypress, on to the next guy and next who have problems? >> that's a legitimate concern that the architect or one of the principle architects here, the imf, the ecb, and the european union and germany with a strong hand there. if they force this upon one country, who is to say they couldn't force it upon a larger, more important country? if europe were able to execute a plan like that, who is to say that the united states wouldn't look and say, well, they did it in europe, why couldn't we look here? connell: rule of law question; right? >> exactly. dagen: what's the solution? somewhere between forcing the haircut and letting banks fail? where is
is a big concern. china is a big concern. they said china's economy is showing symptoms that sparked the crisis in 2008, the warning and saying they risk financial crisis. obviously, concerns about china. i'm going to stick to the cypress theme and put it together. the vix, fear index popped. you see the 1275 right now, up 17%. at one point, up 13%. right now, let's look at the financials because they certainly reacted. in some cases, dramatically, and the idea of them taxing deposits there. citigroup down 2% and banks abroad hit harder. back to you. >> a full and complete report, thank you, nicole. >> for the bailout proposal, is the tax on bank deposits, and that is sparking outrage and fear that there's going to be a run on the banks there. david, chairman and chief investment officer of dumb beer land as visiers of -- cumberland, and why do you think it's a big deal, david? >> caller: well, the finance ministers, the decision has been announced. the cat is out of the bag. once you open the door to taxing a deposit when you have a liquidity crisis, you can never close the door aga
of energy conclude we can safely export natural gas, this is not even about a trade off between the economy and the environment. we can do these projects, prevents these projects will stop a lot of jobs from being created, it is not going to make a development in global emissions. it making no sense to me and the economy. neil: malia. >> i just quickly top say, i understand how we like to take things and combine themm but, i do not think that the only reason why keystone project is not happening is because, barack obama asked his agency this question, to get back to original topic, what i think is really important for us to look forward and you know neil, i don't think that anyone would disagree with you that jobs are important, the problem with laser beam focus you have a society and a lot of things that need to be focused on, laser beaming becomes narrowing, i don't think that is how we' our president or anyone in congress to just have like this one bullet silver bullet solution on what will save the u.s., that is not only thing that u.s. nee right now, we not only have a jobs problem. ne
, eventually as the economy recovers, slowly recovers, that's going to go up. don't forget natural gas. it's becoming a very r v real threat. >> i don't have a lot of time to make good op a bet, but i'll win this bet. phil, what could get in the win of your predictions? >> well, basically, the government's getting involved in fracking and going away from it, but, you know, i don't think the governments can get away from this. we have seen this in history before, neil. we go from cycles. remember the first time we had peak oil, a few years ago, running out of oil; right? we talked about whale oil. the market builds a better mouse trap, and right now, we are at the most significant juncture in u.s. energy. we're going to change the energy mix as we know it going forward. how you thought about energy five years ago totally changed. neil: i don't know. you have your own white puff of smoke you had today, i want to thank you, and speaking of the other big story of the day, white smoke means, as you know by now, we have a new pope, in fact, we have the first latin american pope putting a stamp o
round of attacks on some big banks. on the economy, there is no bigger bowl man ryan westbury. those stories and much more, maybe even a new pope. dagen mcdowell joins me for market now. ♪ dagen: you are very low. go cardinal dolan. i am actually excited. smoke watch is 1150-215 eastern time. we will see. if there is no pope, it will probably be about 2:15 p.m. eastern time. cheryl: you know what, i can watch a smoke stack for a few hours. top of the hour, almost. stocks now and every 15 minutes. nicole petallides at the new york stock exchange. nicole: i enjoyed that analogy. they are both very entertaining. we are down, the dow is down about 14 points. six record closes for the dow jones industrial. a green arrow would mean a record close for the dow today. names like verizon, procter & gamble, alcoa are pressuring the dow. the s&p is going nowhere fast. boeing hit a new 52 week high. you have many retailers hitting new 52 week highs. we are seeing american spending on gasoline, auto sales, grocery stores. talk to you. dagen: where is the disposable income after that payroll tax
to do it this way, as for 2014, i thi it depends on the circumstances in the economy. if there is more obama fatigue. lou: can i say, watching the republican party with all prevail -- tre veil, i think that everyone better give up on idea of doing anything with the democrats and letting the economy doing the intellectual heavy lifting for the republican party, they better get ready to go. because, this is not going to be a default election, just as 2012 was. i have to -- i hate to do it, but we have to right there. anyway, thank yo thank you very, that is it for us, we hope you will be us tomorrow, congressman frank wolf of join us. on what is going on in the obama justice department, from new york. york. >> you know every liberal's dream that government seizing your money out right, there is nothing you can do about it. now no cyprus they could find out the hard way, this tiny island nation sent a tsunami shockwave to the rest of the world, keeping the banks closed until they find a more palatable way to. welcome i am neil cavuto, you got 10 grand in a bank account. how about waking
of gdp. and that will lead to a stronger economy and more employment. so i really like the budget. i like the direction. and i hope it does unchange the debate in washington. melissa: kevin, do you agree with that, by definition the largerhe government is the smaller the private sector is, everydollar they spend came from somewhere? >> sure in the long run that is absolutely true. there have been a lot of studies thathow the big government countries grow a lot slower an that smaller government countries. absolutely. if we get government under control we would ratchet up the forecast. that is what mr. ryan is trying to do. i think the problem the democrats will have they will put out a budget maybe matches presiden obama's rhetoric and has a lot of tax increases in it. that will cause a lot of democrats to be in something of a political peril. i think after the democrats budget comes out we're then going to see horse trading and movement maybe towards this ryan budget. but i think the odds of the ryan budget anywhere close to law are just about zero. they're not going to repeal, for exampl
out of the u.s. economy. >> mike, for those who believe government is too big right now it this the best we can do, the ryan budget. in. >> no, dave. john is right we should be doing better. if we want to look at history to time when the country was its most prosperous it has always been when government spending relative to gdp was lower not larger. the last president to proside over a prolonged period of prosperity was bill clinton when got spending down to less than 19% of gdp. this budget doesn't come close to that. >> if you look at spending over the past five years 2009 the big increase because of the stimulus but then the big increase doesn't go anywhere. just stays. we have a permanent stimulus amount of spending. president obama increased the amount of spending by 20% of the government. is that not the enough for you? >> it is not enough. i think we need to be spending more are. >> wow! >> on the economy right now. >> how much more? 75% of the private sector or what? >> until the private sector starts coming back and starts adding and creating more jobs. >> so yo
more revenues or tax increases. do you think they can really handle more given this economy? >> i think we can get rid of the special interest tax loopholes. melissa: are you talking about changing to ordinary income? that $21 billion makes a lot of difference. it may make a difference whether we have a medicaid program that can help meet the needs of the people falling through the cracks, it may mean that additional grants for cancer research. it is still, even in washington a lot of money. i would like to see each of the agencies look at each of their own budgets. i think we can do further inductions that way, that are sensible that allow us to continue investment in the country and, in fact, increase investments where we need to. melissa: you spoke in the beginning about trying to find a common ground between the two plants. >> i certainly accept the need. i think that is very important. it should not, the cost cost of growing jobs, keeping the economic momentum we shall last month going. that should be our top priority. melissa: a lot of the economists say the debt in and of itself
, instead of the steak knife is tough for the economy, senator murray said this is a great plan for everyone as being pro-growth, i don't know what a trillion dollars in national tax rates is going for growth, i don't see it. neil: rick, you are tight with a lot of powerful democrats, i know what bothers them is he is taking on entitlements, he is not really he is taking them on. carney said yesterday, think of changing the ages, and you know and a nonstarter. so, if entitlements are off the table for a lot of democrats right now, we're going nowhere fast? >> you have to be a little bit careful. we know that murray's budget, opening shot from democrats ryan's budget opening shot from the republican, president somewhere in the middle, important to keep this in mind. i will tell you, i have to disagree when you say ryan budget does not take a cleave torent tight imminents -- clivecleaver to entitlements, 5n medicare and medicaid that is heavy, the thing that shocked me about his budget, i have to tell you, you know i'm not the biggest fan of representative ryan, but it at least it has been re
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